Not too long ago, if you wanted to reap the benefits of a 401k retirement account, you had to be an employee of a large company that offered this type of account as part of their overall compensation package. This was bad news for self-employed individuals and people who owned their own small businesses. While they did have retirement account options, none were as attractive as the 401k.
Now, though, small business owners and self-employed individuals can open individual 401ks that offer significant advantages over other small company retirement plans like IRAs or 403bs. Any person who is a business owner with no employees other than a … [Read more...]

Simplified Employee Pension (SEP) IRA plans are the ideal way for self-employed individuals and small business owners to save for retirement and help their employees save for retirement.
The high SEP IRA contribution limits far exceed just about any other retirement accounts, such as Roth IRAs, which have fairly low annual limits. The high contribution limits, along with the tax-deferred growth, flexibility in administration and high deduction limits make SEP IRA plans the clear choice for people who own their own businesses. However, the only way you and your employees can benefit fully from a SEP IRA plan is to ensure that contribution … [Read more...]

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